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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 10, 1901)
'li:?if'?s5?f';:T -i -" i- f tttttttgr ispitt VOL, XLL 0.. 12,608. PORTLAND, OREGON, FRIDAY, MAY 10, 1901. PRICE FIVE CENTS. MA- Mm I $14 r We Invite the trade's Inspection " of cur line of Bar Fixtures Of newest and latest designs. Catalogue and prices furnished on application. ROTKCHILD BROS., - 20-26 North First St. e Celebrated I tlLLI OVERHO WHISKEY LTil BOTTLED IN BOND MEDICINALLY PURE BLUAUER-FRANK DRUG CO. Wholesale Distributers PORTLAND OREGON ffl special- 5tehaiW This bottje of White's j.VfHlTg Tooth Powdcr and : fJ- ;. Tooth Brush, regular fip flOWOSa 50 cents, all for ConndlanMoney . W0O(far(l, Q&X& S CO. Taken at ftiJI Value. 4th and Washington Streets COLLAPSE IN STOCK Almost a Panic on Wall Street Yesterday. DUE TO NORTHERN PACIFIC DEAL This Stock Went to 910QO a" Share and Slumped to $300 Other De clines Almost as v ' ' Great. "Strongest in the World .Serous ?T?? sse PHIL METSCHAX, Pres. C. W. KNOWLES, Mgr. SEVENTH WD WASHINGTON STREETS. PORTLAND, OREGON. CHARGE OF MANAGEMENT. European Plan: $1.00, $1.50, $2.00 per Day Foley Hot Medical Springs OREGON'S SUPREME HEALTH RESORT. For Analysis of Water, Rates, e to, Address A. A. HAFLENGER, Temperature of Water, 188 del?. Foley Springs, Or. .STRANSKY STEEL WARE.. We have just received a full line of this celebrated Enameled Ware, which we GUARANTEE FOR 5 YEARS. It Is Specially Imported and sold exclusively in this city by HONEYMAN, DeHART & CO. FOURTH AND ALDER STREETS Library Association of Portland SEVENfH AIHB STARK STREETS Hours From 9 A. M. lo 9 P. M., except Sundays and holidays. 29,000 lOLA7USESS S5.00 7S YSKR SPECIAL RATES TO STUDEXTS. 250 PEIODICHLS $1.50 75 QUHRTER ?1.00 A YEAR His Majesty's Yacht, "flohenzollern" The Incidents connected with the sale of an Aeolian Orchestrelle to His Majesty Willlam IX, Emperor of Germany, form a convlnclnglllustratlon of the way In which the Aeolian has gained prominence ana popularity the chance hearing: of the in strument In the nomes and on the yachts of Its owners and the recommendation -which 1 universally given by those who are familiar with it. Every new evidence of appreciation of the Aeolian must strengthen the belief that the Instrument has merit of a decided character, and substantiates the re markable claims made for it. M. B. WELLS, Northwest Agent for The Aeolian Company "rclian Hnii. :c3-355 Washinuton Slrrt. mr. Prk NEW YORK, May 9. Bitter stress de veloped In Wall street by the second hour of trading on the Stock Exchange today. The violence of the commotion had spent much of Its force at least for the time being, when the chairman's gavel fell announcing the close of the day's proceedings. The casualties were great and the field of battle was strewn with the wounded, and may be with the dying. But of actual fatalities none was recorded of Importance during the day. During the height of the panic, rumors of insolvencies were handed about more quickly than they could be reported. But no confirmation could be had of the Intimations of financial wreck. Those against whom the rumors pointed re fused even to show any signs of dis tress and professed themselyes .ready to meet all obligations. In more than one case the answer to these rumors was for a representative of the house to go upon the Stock Exchange and place loans to a large amount, as Indicating the abund. ance of resources at hand. But notwithstanding these and similar devices for keeping up credit and confi dence, the fact was too obvious of the crash of values on the Exchange that credits and borrowing power were shrink ing at too prodigious a rate not to leave the mind of the whole financial world in a condition of intense 6traln. But the indications at the close of the day were strong that the principal damage had been wrought upon the speculative class or upon holders of securities on margin, for whatever purpose. The banks have been bo well protected by recent ex tensions of the margins exacted in the market value of collateral over the amounts of loans placed that they have had little to fear short of an absolute wiping out of market values. The shrink age of collateral made it necessary for the banks in many cases to exact addi tional collateral during the day, and this added much to the distress for a time. But in the late dealings the principal banks in. the field agreed to form a pool and raise a fund to loan the money rate down to 6 per cent on the Stock Exchange. The bid for money had been run up to 60 per cent and was threat ening to keep alive the panic. The dozen banks quickly came to an agree ment to -raise $16,000,000, with implied willingness to increase the sum JfT neces sary. There were very heavy loans placed also by individual banks, ranging in 6ome cases to $25,000,000 and $30,000,000. Through the early part of the day bank ers exacted the market rate for loans, but with the growing need to suppress the panic offered the rate down to 6 per cent. Old customers of the banks time, but when outsiders came In ask ing for loans, the law of supply and de mand was allowed to run its course. Excitement in "Wall Street. The state of excitement was very ap parent all through the financial district during the period of the panic, but there were few sensational scenes. Now and then a white-faced woman would peer from a cab outside a broker's office and would be driven off In a fainting condi tion after receiving a message from the Interior. Whenever any near approach could be made to a ticker or to a board on which quotations were posted, there were great throngs of excited speculators scrambling for a view of the course of the market But the real stress of the occasion came upon the men who were shut up In either their private offices or those of brokers or who were strug gling and fighting on the floor of the Exchange. The outside country could obtain little Idea of the actual occurrences on the Ex change, as the brokers are remote from the public galleries In their temporary quarters in the Produce Exchange and are half shut off from view by the 1G. foot wall. In the brokers' offices many men sat wno were; reduced to absolute ruin as a result of 15 minutes' proceed ings on the. Stock Exchange. Some of. these have been made opulent within a few weeks past as a result of the un paralleled rise In prices. With the true gambling spirit they have replaced all their winnings on new ventures on each turn. Today's drop, therefore, wiped them all out. In many cases, one could see the gambler's fortitude with which the chances of gain were accepted. But the glittering attraction of this market has brought into it a constantly increas ing assortment of more staid and inex perienced speculators men and women who have brought long-standing hoards from -secret places and from savings bank deposits with the determination to make one successful stroke and to re tire with the proceeds. The demonstra tions from this class, which includes many women speculators, furnished the hysterical scenes and sensations of the day. All classes of employes in the Stock Exchange district were under tremen dous pressure throughout the day. The Impression produced by contact with those W3s due to their coolness and nerve under the most trying and ex citing circumstances. Brokers, messen ger boys, telephone boys, clerks and the like have learned during the last few weeks to waste little time In demonstra tions. They do things In the quickest and shortest manner, and so made things go smoothly today at a period when lack of coolness might have meant disaster to many persons. There was a strong feeling this morn ing before proceedings had commenced on the Stock Exchange tnat a panic could be averted only by the strongest meas ures and with the greatest difficulty. The fact was apparent that the corner In Northern Pacific was still unbroken. The excited bidding last night to secure the stock for delivery today made that very apparent. The first steps to avert the panic were devoted to circulating re ports that the conferences between the contending Interests In Northern Pacific, which continued In one form or an other throughout the night, had resulted In a compromise which would free the shorts in the stock from their compro mised position. Movements in Northern Pacific. These efforts proved utterly Ineffective in the face of the first quotations for Northern Pacific on the tape. The price paid for the stock ran quickly up to $200 per share and then to $300, to $500 and then to $700 per share' on regular trans- nr-ttnrtf onil tlfWt nor- cli -och Tho cash price paid meant that unfortunate shorts who were unable to borrow the stock last- night for delivery today had to pay whatever cash price the 'engi neers of the corner chose to ask for It. The figures Indicated in these opening transactions meant ruin for a large out standing Interest in the stock. The per ception of this fact was the principal propelling factor In causing the demor alization In the stock market. The con certed effort to support the market by buying all stocks which might be of fered, which is always the most effective manner of dissuading persons from sell ing, and which was undertaken, ac cording to the current belief In Wall street, by some of the most powerful cap italists in the country, was swept away like a whirlpool under the deluge of offerings which came upon the market. As prices began to go down the dispo sition to buy decreased and the determi nation to sell seemed to grow in geo metrical ratio as a falling body gains In velocity the farther it falls; Such a shoveling out of stocks as occurred dur ing the second hour of today's stock mar ket was never seen before. After a sale had been made at a fixed price a broker would throw in an additional block at anywhere from five to 10 points lower without stopping to demand any interme diate price for his offering. The extent of the decline during the half hour was as great as In some cases has taken weeks to attain on the advance, al though all observers have"" agreed that the rate at which prices have been go ing up has exceeded any previous ex perience. The figures alone suffice to In dicate the proportions of the drop. In Delaware & Hudson, the extreme decline was 59 points, Manhattan, 38; Rock Island, 35; Union Pacific, 38; Atchison, 34; Atchison preferred, 28; St. Paul. 30; Missouri Pacific, 32; Southern Pa cific, 29; United States Steel preferred, 26, while a range of five to 30 points would, cover the collapse In nearly every active stock In the exchange. In the outside market, the stress of the demand for funds was shown by the drop In the' price of Standard Oil of 171 points over night. The same urgent need was reflected in the bond market, where all grades of bonds were offered on a declining scale. The sacrifices there were naturally much less than In the stock district of the market. . Torn In the Market. After the turn In the market came, which it did'about noon, some noticeable selling of bonds still continued, and thl3 was explained as being due to a wish to secure funds to buy stocks at the at tractive level of prices to which the mar ket had fallen. In fact, the bargain hunter was on hand and alert, and even in such a scene of disaster as that pre sented there are those who reap the benefit. The drop in prices carried the stocks of many substantial properties down to a level at which the current rate of dividends paid upon themjs well as sured, making them good investments. It was a very noticeable fact that throughout the most acute.perlod of to day's disturbance there "was nothing heard to indicate doubt of the sound and prosperous conditions of. industry and business at large in the country. The stock market collapse was attributed ex clusively to overspeculatlon. and over extension of credits used in holding stock which it was designed not to keep but to sell at a higher price. i ") The shock which '"caused the 'collapse was the .Northern Pacific corner,' without dispute. The harm which mlgfyt result from. the Northern Pacific eplso'de was by no means so great In any one's mind as to justify the extent of the collapse In prices. But the delicate situation of the market, due to overextension of specula tion, made it vulnerable to this shock. The decline, once In force, gained cumu lative strength. Speculators' .margins were wiped out, and brokers had to sell the securities placed with them as collat. eral to save themselves from loss, thus adding to the weight of the selling. The shrinkage in the market value of securi ties placed with bankers as collateral made It necessary that they should de mand Increased collateral or call the loans with which speculators were hold ing stocks. With their credits thus re duced, further sales of stocks had to be made, and so it came from every quarter. THE 610 DECLINES Shrinkage of Nearly Seven Hundred Millions. PARTLY OFFSET BY RECOVERY A Hopeful View Is Taken of the Out look for Today Robs ell Sage Says the Smash Was Inevitable. NEW YORK, May 9. A statistical re view of the transactions in" the stock market today shows that at low-water mark of prices, 41 principal stocks had shrunk the tremendous figures of $69S,3SS-- When seen concerning the struggle In the stock market, he said: "When I have spoken at all I have tried to make people understand that I have had nothing at all to do with this market transaction. I have ben busy all day long buying locomotives for the road. I have not been in the street and I have neither bought nor sold a share of Northern Pacific." Russell Sage, when seen tonight at his home and asked his opinion of the stock market, said: "I have been associated intimately with transactions on Wall street for half a, century and I can truly say that the last two days have been the most re markable I have ever seen. Fictitious and Inflated values have prevailed and the smash that was inevitable has come. I knew it would come and predicted It. True, thousands will go to the wall, but that Is only an incident In the fight. This whole thing got Its origin In an at tempt to divert traffic from its natural and central course toward the West in Omaha to the northern route an un natural route. Yesterday (Wednesday) was absolutely unprecedented In the his tory of the financial world. However, I do not anticipate serious results. By to morrow (Friday) .things will have begun to settle arid the general common sense of people will put things to rights. The prosperity of the country Is too great HEADED THE PARADE President McKInley at Los1 Angeles1 Floral Carnival. VISIT TO SOLDIERS' HOME Address to the Veterans at Santai Monica A Pickpocket Robbed Two Members of His Party. eoeeeoeeoeeOeeeeseo90eeeoeoooeeoeooeeeoeooeo o WILL ADVISE THE STATE DEPARTMENT ?'(''? 't'..-.-'-i" '''v';i'' i ..HIsSSIIISSBSSSSSBSSSUMMMiX t x'-f " " '"$"?' ,BBffnttJ&yBR&yHBSK5SK? Jr VBShSHHbkSSBSSSSSSSBI ', f "f i ', 'HMiBBSBsHBsPisBssssssssssi J1 .lBBBBBBBBBBBBlSBlBBlEKlBBlBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBiaiHBiaaK.M'J?7:'0''r''Sr 'aKM-Tv JA?. K Miff-Tiri iWA't- . : ' "rzmMmmmmsmj&t-pii-ix&zFts j&&&32&zx? ,ammmmzm?mm &m&MteteB&&mr 7 -nt M w-fXV ff IW 44.""JS yv;jrS VS s3?saj o o ' o o UJVITED STATES MINISTER 'E. H. CONGER. WASHINGTON, May 0. United States Minister Conger called at the State Department today and paid his respects .to Acting Secretary Hill and Assistant Secretary Crldler. It is hla preference to spend only a few days in Washington looking over the dispatches that have passed between. Washington and Pekln a since he left the Chinese capital. He will then be In a position, to advise the of- ficials here as to any details of the situation which they may have overlooked. e o 0 Dnc to the Corner. The Importance attached to the North ern Pacific episode was made clear by the eagerness of all classes to learn all developments concerning it and the Imme diate effect of any announcement regard ing It upon the stock market. The up ward shoot to $1000 a share was' the ef fective cause of the greatest demoraliza tion in the market. The announcement later in the day of the measures for the relief of the shorts and the relapse in the price of the stock to $300 allayed the de moralization almost Immediately. An- (Concluded on Second Page.) SUMMARY OF IMPORTANT NEWS. Collnpse of Stocks. All share- on the stock exchange suffered in the collapse yesterday. Page 1. The slump was due to the effort to control Northern Pacific. Page 1. Northern Pacific sold up to $1000 and declined to $300. Page 1. The principal stocks shrunk nearly $700,000,- 000. Page 1. - The Burlington-Northern Pacific deal will go through. Page 2. The panic extended to London and Glasgow. Page 2i Foreign. The Duke of Cornwall and Tork opened the first Federal Parliament in Australia. Page 3. The House of Commons adopted the civil list. Page 3. The Indemnity claim was presented to China yesterday. Page 2. General. The President reviewed the Los Angeles floral parade. Page 1. Shamrock II was damaged in a gale off South ampton. Page 3. Winning Northwest League teams were Spo kane and Seattle. Page 3. Pacific Coast. , Attempt to refute charges d"f nepotism against state officials of Washington makes case worse. Page 4. Exeuctor of Cosper estate brings suit against Gilbert Bros., ex-Salem bankers. Page 4. Quarantine officer at Port TownBend, "Wash., declares quarantine against all Alaska ports, page 4. Acts of late Oregon Legislature carrying no emergency clause go into effect May 23. Page 4. Bottlers In Olympia brewery walk out Page 4. Marine. Enormous arrivals of Oregon wheat at United Kingdom this week. Page 10. "Weather Bureau may equip North Head with a signal station. Page 10. German ship Nereus clears with a valuable wheat cargo. Page 10. Portland and Vicinity. Mayor Rowe appoints women's auxiliary for Presidential reception. Page 12. County Auditor refuses to O. K. bills for sup plies not under contract. Page 10. Up-stream dredging in Columbia River chan nels produces good results. Page 8. Port of Portland Commission discusses advisa bility of building a new dredge. Page 12. Death of Lawrence Molloy, ex-superintendent 407. This shrinkage, however,- is largely offset by the recovery of . the market toward the close. Selecting some of the more prominent stocks and applying to them the low-price calculation gives the following showing: Stock out- P'nts. Depre- standin-s-. dec. elation. Amal. Copper....? 75,000,000 26 119,500,000 Atchison com 102,000,000 35V4 15,955,000 Atchison pfd 114,199,500 28 32,659,756 Ches. & Ohio.... 60,533,400 18 10,896,012 St. Paul 47,148,600 32 14,851.600 Rock Island 50,000,000 33 16.500,000 Del. & Hudson.. 35,000,000 60 21,000,000 Louis. & Nash... 52,800,000 26 13,860,000 Manhattan 48,000,000 37 17,760,000 Mo Kan. & T.. 55,181,000 22 12,139,820 Missouri. Pacific. 147,507.000 31 13,727,170 N Y. Central.... 115,000,000 13 15,237,500 South. Pacific... 197,832,100 20 39,566,420 Union Pacific... 95,978,500 37 35,532,045 U. S Steel 550.000,000 21ft 119,625,000 U. S. Steel pfd.. 550,000,000 29 159,500,000 AT THE "WALDORF-ASTORIA. Hopeful View Taken of tlie Outlook for Today. NEW YORK. May 9. The lights of the Waldorf-Astoria were the camp fires to night of hundreds of the soldiers of finance who were o nthe firing line In Wall street today and as they sat In the cheery glow they nursed their wounds and counted their dead. The casualty list was a long one, but the night had more cheer than the preceding one. There was no wild scramble for over night loans of Northern Pacific stock and the new day seemed to be fair in prom ise. There was intense relief at the promised succor of the Northern Pa cific shorts. It was accepted as a fact that Kuhn, Loeb & Co. and J. P. Morgan & Co. would settle for $150, and It was believed that the action of these two great houses would fix the price for everybody. The price, it was generally agreed, was a fair one. The rumor that .T. P. Morean & Co. and J. J. Hill were after all on top In the fight to control Northern Pacific stirred the crowd, but the chief concern was for the future of the" market. As to the latter, a very hopeful view generally prevailed. John W. Gates dispersed cheer. "The medicine has been hard to take," he said, "but it has-done good. There was too much speculation and It had to be checked. There will be heavy buying orders and the market will rally prompt Iv This Northern Pacific settlement will clean things up. The banks saved the j day and I feel quite sure tbere will be no failures of any size." Mr. Gates would not discuse his per sonal losses, but told a dog story that was eloquent in expression. "I knew a young man In .Youngstown," he said, "who had a noor yellow pud. Well, that dog was kicked so hard and so often that he walked sideways. I am walking sideways." James R. Keene was In evidence early and a dozen men credited him with, the statement that the Northern Pacific shorts should have paid $4000 per share. He declined to talk for publication, how ever. There was much speculation as to the effect of the return to New York of William. K. Vanderbllt and It wa3 pre dicted that there would be a radical change In railway consolidation plans. Friends of the Harrison syndicate vowed that the Morgan-Hill programme would never be carried out. James J. Hill, president of the Great Northern Railway, took dinner with his to permit of this crash affecting us se riously." The Tribune tomorrow will say: "After the most disastrous period of yesterday's crash In the stock market had passed, a number of the strongest banks in the city formed a money pool to lend the stock market borrdwers on approved collateral. Late last (Thurs day) evening It was authoritatively stated that the loans made yesterday by the Associated Banks and J. P. Morgan & Co., amounting in the aggregate to nearly $20,000,000, will not be called today and that the rate of interest will be marked down to materially below yes terday's ruling rate." Mellen "Was Snrprised. ST. PAUL, May 9. At the NorthernPa. clfic general offices in this city today the fluctuations of the New York: stock mar ket were watched with Intense interest. No explanations of the rise were at tempted. President C. S. Mellen positively refused to talk about the affairs of the Northern Pacific. When Northern Pa cific common was reported as going to $250, Mr. Mellen gave a whistle of sur prise, which was repeated with Increased emphasis at every climb In the stock. H ?Id th,at the stock hGd touched the $1000 mark, Mr. Mellen gave verbal expression to his amazement. He told several gentlemen around the building that he was absolutely unable to explain such violent jumps. Morgran Goes to Paris. ALX LES BAINS, France, May 9.-J Plerpont Morgan left here for Paris this e v euuig. THE PLATT AMENDMENT. Cubans Will Undoubtedly Accept It Alter Some Delay. HAVANA, May 9. There now seems to be no doubt that the Cuban constitutional convention will accept the Piatt amend ment, but It is expected that there will be some delay before a final vote Is reached. Senor Juan Gualberto Gomez is advocating public sessions. It Is stated that the colored orator wishes to make some interesting statements to the pub lic before the convention dissolves. It was In the plans to hold a meeting to- aay, Dut owing to delay In printing the report' of the special commission which went to Washington, the session was "postponed until tomorrow. General Rivera, who is In Honduras on leave of absence, has written to the con vention advising the acceptance of the Piatt amendment. The . Democrats have nominated Senor Carlos, Garcia as their candidate for Mayor, the Republicans have nominated Senor Estra Mora, and the Nationalists will nominate the incumbent, Senor Ge-ner. "Watch Trnst Falls Through. BOSTON, May 9. A director of the American Waltham Watch Company says: "The officers of the American Waltham Watch Company have informed the pro moter of the proposed watch trust that that company will not become, a party to any consolidation of watch companies. Other companies have declined to go into the twist movement, so the $75,000,000 com- l i.t..M Kn. Kftfln oKandnned." LOS ANGELES, Cal.. May 9. From a broad, blue-canopied pavilion, surrounded by the members of his Cabinet, the Gov ernor of Ohio and many notables of many states. President McKInley today reviewed the floral parade of the Loa Angeles Carnival. The city wa3 packed to the doors. The population ot Loa Angeles, according to the census. i3 over 100,000. but the streets must have held almost twice that number today. Pas adena. Santa Monica and other neighbor ing towns in Southern California were literally depopulated. The scenes on Broadway, where the reviewing stand was located, resembled Pennsylvania ave nue In "Washington on. the day of an In auguration parade; every facade flamed with bunting and pampas grass plumes red, green and orange, the colors ot the fiesta, prevailing; terraced stands of people, the windows walled In with them, the sidewalks to the roped street packed with them like sardines In a box. Mrs. McKInley did not witness the show, but she drove alopg Brpadway and received the plaudits of the multi tude just before the procession appeared. The President rode at the head of tho parade in an open carriage drawn, by six spirited milk-white horses with yellow satin harness. At the head of each horse walked a Spanish caballero in green vel vet with much gold braid about hla bolero. The carriage was a mass of white carnations and yellow coreopsl3 blossoms. A troop of cavalry with yel low horsehair plumes wavlnyabove their helmets and wreaths of flowera across their shoulders and blanket rolls of red carnations behind their saddles, headed by a band playlns the "Star-Spangled Banner," preceded the carriage of the. Chief Magistrate to the reviewing stand. As each carriage reached the reviewing stand the ladies in It arose and smiling; saluted the President with deep cour tesies. The President was kept on his feet most of the time returning these charming greetings. He apparently en joyed the experience hugely. Each lady carried a bag of rose leaves for use as confetti, and after saluting the Pres ident she threw a handful of the soft to h'j box. Before the parade? was oyer" he was ankle deep In rose leaves. In the" morning- previous to the floral paradethe President and his party were driven" -througKffie-resIdence se&tlonsr of Los Angeles. This afternoon the ladles of the Presi dent's party went to Pasadena and took: a drive there, while the President made a trip to the National Soldiers Home, near Santa Monica. It is 18 miles distant and he made the journey In electric cars. Three thousand of the President's old comrades of the Civil War greeted him there. The old soldiers gave the Presi dent a remarkable demonstration. He was introduced by the governor of the Homa and spoke as follows: "My Comrades: I am very glad to meet you all here In this beautiful Home pro vided by the Government of the United. States, which you served so well In time of war, where you can end peacefully and with repose the later days of your lives. There Is no relation except that of home and family so close, and Intimate and sa cred as that of comradeship In war. And then remember that we are not only sol diers serving in. the same army, but that We were serving tor- one of the noblest causes that ever engaged mankind that of the preservation of this Republic there is an added sanctity to our relations from '61 to '65. I am here to tell my comrades of '61 that I have only within the last week passed through the battle fields upon which so many of you fought and upon which so many of your com rades fell. I am here to tell you that on those battlefields and In the Southern cities and towns through which' I passed tflose who bid me warm welcome and those associated with me were the men who were your foes 40 years ago friends now, marching side by side as they did with the Grand Army of the Republic to give me greeting all now having one faith, one hope, one aspiration, one des tiny and all loving the same old flag. (Great applause.) I never meet my com rades that I do not recall how many of them are no longer with us. They sleep today in those silent tents that never are to be opened the tents that outward swing. Thus our comrades are sleeping sleeping where they fell, falling for the holiest cause for which men could fight." (Applause.) Considerable excitement was caused by the discovery after the speaking that a pickpocket, who had been at work in tho crowd, had relieved two of the members of the party, Secretary Wilson and Col onel Charles A. Moore, of their pocket books. Later, the thief was arretted. Several pocketbook3 were found on his person, a gold nugget which Mr. Moore's son had obtained at the Congress mine In Arizona, and Secretary Wilson's iioeketbook. which contained $175. The- thief proved to be -a pickpocketwell known to the police. Upon his return- to Los Angeles late this afternoon the President received Governor Nash and the Ohio congres sional delegation at the hoteL Thero was no public function In, the evening. The President and Mrs. McKInley dined at the residence of Homer Laughlin. The President and members of bis party re tired In their train tonight and will leave at 6 o'clock tomorrow morning for Del Monte, where thpy will spend Sunday. Stops will be made on the way at Ven tura, Santa Barbara and San Lula Obispo. One of the most notable Incidents of the day was a visit paid by President Mc KInley to Mrs. Jessie Benton Fremont, the aged widow of General John C". Fre mont. Mrs. Fremont was Injured In an accident about a year ago, slrice which time she has been an Invalid. The Presi dent spent a quarter of an hour In con versation with her at her home. Ohio Party Goes To San Francisco. LOS ANGELES. Cal.. May 9. The spe cial train carrying Governor Nash, of Ohio, and his party, left tonight for San. Francisco. Wanamaker's Confedential Secretary. INDIANAPOLIS, May 9. E F. TlbboU, who served General Harrison as private secretary, has been, made the confidential secretary of John Wanamaker, of Phll-delnhla.